Latest Ratios: P/E Ratio 22.0x · EV/EBITDA 11.1x · ROE N/A. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.7B | $4.7B | $3.6B | $2.9B | $3.1B | $4.8B | $3.9B | $4.8B | $3.6B | $5.4B | $3.8B |
| Enterprise Value | $9.4B | $9.4B | $9.1B | $8.4B | $8.3B | $9.9B | $9.2B | $10.2B | $8.6B | $11.7B | $9.2B |
| P/E Ratio → | 21.98 | 20.50 | 9.43 | 7.40 | 8.61 | 15.27 | — | 9.77 | 5.29 | 6.22 | 6.23 |
| P/S Ratio | 1.17 | 1.17 | 0.92 | 0.78 | 0.86 | 1.53 | 1.79 | 1.18 | 0.90 | 1.07 | 0.68 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | 6.16 | 5.33 |
| P/FCF | 9.02 | 9.02 | 9.31 | 10.62 | 7.86 | 9.36 | 12.66 | 13.88 | 10.37 | 6.52 | 4.89 |
| P/OCF | 7.37 | 7.37 | 7.69 | 8.38 | 6.93 | 8.42 | 10.33 | 10.57 | 8.04 | 5.51 | 3.93 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.33 | 2.35 | 2.24 | 2.32 | 3.15 | 4.28 | 2.52 | 2.18 | 2.31 | 1.63 |
| EV / EBITDA | 11.15 | 11.15 | 10.70 | 10.08 | 10.71 | 13.29 | 440.07 | 10.91 | 12.97 | 20.38 | 11.66 |
| EV / EBIT | 13.07 | 13.31 | 11.90 | 11.39 | 12.14 | 15.73 | — | 12.09 | 15.15 | 24.77 | 13.56 |
| EV / FCF | — | 17.92 | 23.68 | 30.37 | 21.20 | 19.30 | 30.30 | 29.58 | 25.00 | 14.05 | 11.71 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.2% | 27.2% | 49.0% | 48.6% | 48.4% | 50.1% | 43.1% | 52.0% | 51.3% | 38.3% | 33.3% |
| Operating Margin | 17.8% | 17.8% | 19.0% | 19.2% | 18.3% | 19.7% | -4.9% | 20.1% | 13.3% | 8.6% | 11.8% |
| Net Profit Margin | 5.7% | 5.7% | 10.6% | 10.6% | 10.0% | 9.8% | -11.7% | 12.5% | 17.1% | 16.8% | 10.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | 428.0% | 106.7% | 73.1% |
| ROA | 3.4% | 3.4% | 6.1% | 5.9% | 5.4% | 4.3% | -3.4% | 6.9% | 7.7% | 8.4% | 6.3% |
| ROIC | 13.0% | 13.0% | 12.0% | 12.2% | 11.4% | 10.7% | -1.7% | 13.1% | 6.8% | 5.0% | 8.2% |
| ROCE | 12.6% | 12.6% | 13.2% | 12.9% | 11.8% | 10.4% | -1.6% | 13.3% | 8.0% | 5.7% | 8.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | 7.17 | 7.58 |
| Debt / EBITDA | 5.84 | 5.84 | 6.69 | 6.89 | 7.45 | 7.34 | 313.10 | 6.17 | 7.92 | 11.00 | 6.93 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | 7.11 | 7.42 |
| Net Debt / EBITDA | 5.54 | 5.54 | 6.49 | 6.55 | 6.74 | 6.85 | 256.14 | 5.79 | 7.59 | 10.92 | 6.79 |
| Debt / FCF | — | 8.90 | 14.37 | 19.75 | 13.34 | 9.94 | 17.64 | 15.70 | 14.64 | 7.53 | 6.81 |
| Interest Coverage | 1.92 | 1.92 | 3.06 | 2.93 | 3.49 | 3.17 | -0.44 | 5.20 | 3.33 | 3.03 | 5.08 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.64 | 1.64 | 4.09 | 4.07 | 4.18 | 3.90 | 4.81 | 6.95 | 3.17 | 2.88 | 0.86 |
| Quick Ratio | 0.44 | 0.44 | 3.04 | 3.10 | 3.13 | 2.86 | 3.65 | 5.39 | 2.43 | 2.76 | 0.70 |
| Cash Ratio | 0.27 | 0.27 | 0.16 | 0.25 | 0.49 | 0.34 | 1.04 | 0.52 | 0.15 | 0.02 | 0.06 |
| Asset Turnover | — | 0.59 | 0.57 | 0.56 | 0.53 | 0.48 | 0.28 | 0.54 | 0.55 | 0.49 | 0.57 |
| Inventory Turnover | 2.60 | 2.60 | 1.61 | 1.70 | 1.54 | 1.29 | 0.91 | 1.62 | 1.56 | 5.47 | 5.80 |
| Days Sales Outstanding | — | 14.98 | 279.04 | 281.59 | 270.14 | 295.59 | 19.43 | 305.22 | 299.63 | 228.66 | 44.07 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.9% | 3.2% | 4.0% | 4.6% | 4.4% | 2.3% | 3.6% | 3.5% | 5.5% | 4.5% | 5.8% |
| Payout Ratio | 64.8% | 64.8% | 34.5% | 34.3% | 37.8% | 35.4% | — | 32.7% | 28.9% | 28.3% | 36.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 4.9% | 10.6% | 13.5% | 11.6% | 6.5% | — | 10.2% | 18.9% | 16.1% | 16.0% |
| FCF Yield | 11.1% | 11.1% | 10.7% | 9.4% | 12.7% | 10.7% | 7.9% | 7.2% | 9.6% | 15.3% | 20.4% |
| Buyback Yield | 6.4% | 6.4% | 6.6% | 10.5% | 11.5% | 0.5% | 3.3% | 7.1% | 9.3% | 11.0% | 16.2% |
| Total Shareholder Yield | 9.3% | 9.5% | 10.5% | 15.2% | 15.9% | 2.8% | 6.9% | 10.6% | 14.7% | 15.5% | 22.0% |
| Shares Outstanding | — | $67M | $71M | $75M | $84M | $87M | $86M | $92M | $99M | $104M | $111M |
Consumer credit portfolio volatility
According to current market data, TNL trades at a forward P/E of 10.59, which suggests that investors are pricing in significant cyclical risk compared to broader hospitality peers, despite the company's attempts to pivot toward a more stable, recurring revenue model through its recent brand acquisitions.
The discount relative to pure-play hospitality brands appears to stem from the market's classification of TNL as a specialty finance entity rather than a traditional travel operator. This valuation gap warrants investigation into whether the market is correctly discounting the long-term durability of the timeshare financing portfolio.
Based on reported financial figures, TNL's ROIC has remained in a narrow range between 0.7% and 3.6% over the last ten quarters, indicating that the company is struggling to generate meaningful returns on its invested capital amidst high development costs and significant ongoing marketing expenditures.
The persistent low ROIC suggests that the capital-intensive nature of resort development is currently outpacing the returns generated by the vacation ownership and exchange segments. Investors should monitor whether management can improve these returns as the company shifts toward a more asset-light membership model.
As reported in recent SEC filings, TNL's cash conversion cycle remains exceptionally long, peaking at 495 days in 2024Q4, which highlights the structural inefficiency of carrying large inventories of vacation ownership interests and the extended time required to convert these assets into realized cash flows.
The high days inventory outstanding, which reached 236 days in 2026Q1, reflects the inherent difficulty in liquidating timeshare inventory in a competitive market. This inefficiency appears to be a structural drag on the company's ability to generate free cash flow, necessitating careful monitoring of inventory turnover trends.
Based on the latest quarterly filings, TNL's debt-to-EBITDA ratio has shown extreme volatility, reaching as high as 69.13 in 2025Q4, which suggests that the company's ability to service its debt is highly sensitive to fluctuations in operating performance and the timing of asset-backed security issuances.
The high leverage levels, combined with a negative equity position, imply that the company has limited room for operational error. The interest coverage ratio, which dipped to -0.08 in 2025Q4, warrants close attention as it indicates potential vulnerability to interest rate volatility and credit market tightening.
As noted in financial analysis, the P/E ratio is frequently misapplied to TNL because it fails to account for the significant non-cash provisions for loan losses and the capital-intensive nature of the timeshare business, which often distort net income and mask the underlying cash-generating capacity of the firm.
Analysts should instead focus on free cash flow yield and adjusted EBITDA, which better capture the recurring nature of the RCI exchange fees and the cash flow from the loan portfolio. Relying on P/E may lead to an inaccurate assessment of the company's true earnings quality and valuation.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying TNL stock.
Travel + Leisure Co.'s current P/E ratio is 22.0x. The historical average is 8.7x. This places it at the 100th percentile of its historical range.
Travel + Leisure Co.'s current EV/EBITDA is 11.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.6x.
Based on historical data, Travel + Leisure Co. is trading at a P/E of 22.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Travel + Leisure Co.'s current dividend yield is 2.95% with a payout ratio of 64.8%.
Travel + Leisure Co. has 27.2% gross margin and 17.8% operating margin. Operating margin between 10-20% is typical for established companies.
Travel + Leisure Co.'s Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.